The Federal Competition and Consumer Protection Commission (FCCPC) has granted a one-month moratorium for traders and market stakeholders involved in exploitative pricing to lower the prices of goods.

Mr. Tunji Bello, the newly appointed Executive Vice Chairman of the FCCPC, announced this at a stakeholder engagement on exploitative pricing held on Thursday in Abuja. Bello stated that enforcement measures would begin following the moratorium period.

The meeting aimed to address the rising trend of unreasonable pricing for consumer goods and services and the problematic practices of market associations. Bello highlighted a striking example: a fruit blender known as Ninja was priced at $89 (approximately N140,000) at a supermarket in Texas, USA, but was being sold for N944,999 in a Lagos supermarket.

He questioned the justification for such a drastic price difference and emphasized that price fixing and other unethical practices are destabilizing the economy.

Bello warned that, under Section 155, violators—whether individuals or corporate entities—could face severe penalties, including substantial fines and imprisonment if convicted. However, he emphasized that the current approach is not punitive but aims to encourage compliance through a spirit of cooperation.

“We are providing a one-month grace period in September before starting strict enforcement,” Bello said. He acknowledged the issues raised by market stakeholders, including high transportation costs, insecurity, and multiple taxation, which contribute to price increases. However, he also pointed out that some traders are engaging in practices to exploit consumers.

Bello called on all stakeholders to work together in addressing these challenges and to adopt fair pricing practices.